Escrow services in Colombia it is essential service. In Colombian, there is no such a service, but we have partnered up with Coltefinanciera and give peace of mind. Also, notice letters of intent are documents that do not work in Colombia. Cash is king, and the sales contract makes the deal move forward.
The sales contract is signed with 10 to 20% of the property’s value. (it can change depending on the conditions of the seller) the sales contract is made with money because the property may have debts with the bank, and these debts must be canceled before the signing of the deed; usually, the money is used to pay the bank.
Buying contracts are documents that work for both local and foreign clients. The letters of intent to purchase a property do not work well in Medellin because it leaves the property out of the market, and for a local seller, it does not guarantee the purchase will be made. That is why the sale contract is signed, and it has penalties clauses if the buyer or seller withdraws from the business without a valid explanation. The penalty is usually between 10 and 20% of the value of the business.
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Escrow Services in Colombia
What can work as an escrow service in Colombia is the company that brings the funds into the country. They act as a neutral third party that holds funds or assets on behalf of two parties engaged in a transaction. The funds or assets are only released to the recipient once specific conditions or terms of the agreement have been met.
Escrow services are used in real estate transactions, business acquisitions, large purchases, or other situations where both parties want a secure and trusted intermediary to transfer funds or assets.
You can search online or contact local banks and financial institutions to find specific escrow service providers in Colombia, as they often offer escrow services. However, it is essential to do your due diligence and choose a reputable and reliable provider with a track record of handling such transactions.
Escrow services’ availability and specific details might have evolved since my last update. So, it’s advisable to verify the current situation with up-to-date sources or consult legal and financial professionals familiar with the Colombian market.